Published: Sun, April 14, 2019
Markets | By Otis Pena

Moore defends qualifications for Fed, says bank 'can be divorced from politics'

Moore defends qualifications for Fed, says bank 'can be divorced from politics'

A potential nomination to the Federal Reserve would require confirmation by the U.S. Senate and this means that the former sexual harassment allegations made against Cain would likely have come up.

As escalating an attempt from the White House to apply pressure over the central bank trump's decisions were seen. Powell was easily confirmed by the Senate, but Trump has told aides he regrets appointing Powell to the job because the Fed took several steps previous year to raise interest rates and Trump has blamed this for slowing economic growth.

Former Dallas Fed Advisor Danielle DiMartino Booth told FOX Business Thursday it would be a black eye for the Republican Party if they were unable to confirm Herman Cain to the Federal Reserve Board.

Fed officials will conclude a two-day meeting on Wednesday, and Wall Street traders predict almost an 80 percent chance the Fed raises rates a quarter point this week, setting them at a range of 2.25 percent to 2.5 percent.

"I do believe in the importance of an independent Fed", said Moore, a former CNN analyst. The Fed had predicted three more rate hikes next year, but many economists now think that is too many, especially with many experts predicting the USA economy will start slowing next year and could end up in a recession by 2020.

Moore has said recently he wanted to accommodate Trump's policies, that he feels the president's reelection was necessary for the country's economic success, and wants to do battle with what he calls "growth-phobiacs" at the Fed.

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Moore signaled in a Bloomberg Television interview on Thursday that he wants to challenge some tenets of central banking if he's confirmed by the Senate to be a Fed governor. Cain this week waded into the debate to say that he was being attacked because "I am an outspoken voice of conservatism". "We also know that moving too slowly - keeping interest rates too low for too long - could risk other distortions in the form of higher inflation or destabilizing financial imbalances", Powell said on November 28.

The idea is that Republican senators might buck Trump on one nomination, but hardly two.

Neither Moore nor Cain have been formally nominated by Trump.

On Facebook earlier this week, Cain said the reason he was under attack as a nominee is because he is a conservative.

"I am unclear whether it is reality or a "Saturday Night Live" skit", he said.

Powell spoke to a gathering of House Republicans in recent weeks at the invitation on Minority Whip Steve Scalise of Louisiana, according to Scalise's office.

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